MCCREADY v GREEN CABS [2013] NZHC 2594

MCCREADY v GREEN CABS [2013] NZHC 2594

Adjudication was ordered because the debtor's proposal was speculative, lacked reliable evidence of lump sums or increased income, would deliver only a modest return (circa 24 cents in the dollar) and therefore it was not just and equitable to refuse adjudication under s37.

Citation
[2013] NZHC 2594
Parties
Judgment Debtor: Graham Edward McCready; Judgment Creditor: Green Cabs Limited
Court
High Court
Jurisdiction
New Zealand
Judgment Date
4 October 2013
Procedural Posture
Bankruptcy Adjudication Under Insolvency Act 2006 / Adjudication Hearing and Judgment
Outcome
Order adjudicating Graham Edward McCready bankrupt made
Legal Topics
Summary Instalment Order, Adjudication Under S37, Debtor Insolvency Proposals, Creditor Enforcement
Insolvency Bankruptcy Civil Procedure Summary Instalment Order Adjudication Under S37 Debtor Insolvency Proposals Creditor Enforcement

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Parties

Graham Edward McCready

Judgment Debtor

Green Cabs Limited

Judgment Creditor

Procedural Posture

Bankruptcy Adjudication Under Insolvency Act 2006 / Adjudication Hearing and Judgment

Legal Issues

  1. 1 Whether to make an order of adjudication under Insolvency Act 2006 s37
  2. 2 Whether a summary instalment order was a viable alternative to adjudication
  3. 3 Whether the debtor's unsecured debts exceeded the $40,000 threshold for summary instalment orders

Ratio Decidendi

Adjudication was ordered because the debtor's proposal was speculative, lacked reliable evidence of lump sums or increased income, would deliver only a modest return (circa 24 cents in the dollar) and therefore it was not just and equitable to refuse adjudication under s37.

Court Disposition

Order adjudicating Graham Edward McCready bankrupt made

Orders

  • Order adjudicating Graham Edward McCready bankrupt made on 2 October 2013 at 11:01 a.m.